OSB Daily Technical Analysis for December 17, 2014

Gold broke lower on the open on Tuesday but managed to turn back and rally straight into resistance at the $1225 area. Price action suggests some indecisiveness about further direction but overall weakness dominates sentiment in this market. Support beneath at the $1180-85 area.

Silver broke down on Tuesday slashing through the 20 DMA and finding support at the $15.50 area. Further downside likely with a test of $15.00 area. A break below extends to recent lows.

Copper went back and forth on Tuesday without much direction for either side. Consolidation and more range bound action for HG at least for now appears to be on the cards. A break below $2.82 puts bears back in the driving seat. 

Crude Oil continues its downward trajectory making a new low on Tuesday at $53.60. Further support beneath at $52.50 a break of which puts CL in line for the $50.00 mark. Upswings and bounces are very likely to be faded by the bears who are fully in control of this market.

Natural Gas continues in consolidation mode hoevering within the $3.60-$3.80 band. Bearish sentiment dominates NG as the whole enegery sector remains in a rut. A break below $3.50 puts new down leg in motion. 

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